The following information is available from the financial records of Pascoe Ltd: Sales Purchases Apri 1 $360 000 $210 000 May 330 000 240 000 June 300 000 180 000 July 390 000 270 000 I Receipts from customers are normally 60 per cent in the month of sale, 30 per cent in the month following the sale, and 8 per cent in the second month following the sale. The balance is expected to be uncollectable. Pascoe takes full advantage of the 2 per cent discount allowed on purchases paid for by the 10th day of the following month. I Purchases for August are budgeted at $600 000, and sales for August are forecast at $660 000. I Cash payments for expenses (other than purchases) are expected to be $144 000 for the month of August. I Pascoe's cash balance on 1 August was $220 000. Required: Prepare a cash budget for Pascoe for August that includes: 1. expected cash receipts during August 2. expected cash payments during August 3. expected cash balance on 31 August.